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Retirement 

Current Employees

Employer Contibutions to Retirement


For all new employees hired after October 1, 2015 USU will contribute 14.2% of your annual gross earnings into a retirement account, called a 401(a) plan. You may choose TIAA or Fidelity Investments or both, as your retirement program. You designate how this contribution is invested among the investment options by completing the 401(a) Investment Provider Change Form online or Paper Form



New employees are required to log into TIAA and/or Fidelity in order to enroll in the employer funded retirement 401(a) plan.

Online Enrollment with TIAA
Online Enrollment with Fidelity

New employees who were previously enrolled in Utah Retirement Systems (URS) and wish to remain in URS may do so by completing the URS Election form within 30 days of hire.

Online Enrollment with URS

Saving for your future


In addition to the employer contribution to your retirement, you will be automatically enrolled in a 403(b) supplemental retirement Life-Cycle Fund with TIAA. The auto enroll will be set up to contribute 3% of your income pre-tax.

If you want to opt out of this benefit you may do so by filling out the opt-out form, and returning it to the Human Resources office 

If you would like to adjust this contribution please see section below about supplemental retirement contributions.

 All employees may make supplemental retirement contributions.

Changes can be made monthly, and must be turned in by the 15th of the month prior to the start of the contribution.  Your contribution will occur through payroll deduction on both the pre-tax and post-tax options. The 2017 maximum contribution is $18,000 per supplemental retirement plan, if under age 50. If over age 50, the maximum contribution is $24,000.  

To learn more about 403b and 457 retirement options, click here

Step 1: Turn in the appropriate form


Step 2: Enroll with the vendor
To enroll with TIAA, please click HERE.
To enroll with Fidelity, please click HERE.         
To enroll with Principal, please click HERE.

 


TIAA

Visit their website where you can update your personal information, beneficiaries and retirement investments/allocations. To contribute more to your retirement please turn in a Supplemental Retirement form found above.

Customer Service: (800) 842-2252

Retirement Counseling is available at USU with Ryan Peterson.

To schedule an appointment call (800) 732-8353.

Dates Ryan will be at the HR building, be sure to schedule an appointment:
November: 7th, 8th, 9th
December: 5th, 6th, 7th


Fidelity

Visit their website where you can update your personal information, beneficiaries and retirement investments/allocations. To contribute more to your retirement please turn in a Supplemental Retirement form found above.

Customer Service: (800) 343-0860 

Retirement Counseling is available at USU

Contact a representative to schedule an appointment

- Teo Ngatuvai: (800) 642-7131
   email: TEO.Ngatuvai@fmr.com
- or visit www.fidelity.com/atwork/reservation 

Dates Teo will be at the HR building, be sure to schedule an appointment:
October: 27th
November: 14th, 21th
December: 1st, 14th


Utah Retirement Systems

Visit their website where you can update your personal information, beneficiaries and retirement investments/allocations. To contribute more to your retirement please turn in a Supplemental Retirement form found above.

Customer Service:  (800) 365-8772

Watch the video of a URS presentation:
Tier 1
Tier 2

For more information about USU's optional Retirement Healthcare Savings Plan, please click HERE.

Getting Close To Retirement


Early and Phased Retirement

 

To be eligible for Early Retirement the employee's age and years of service in a benefited position must equal 75. There is a 5-year option or a 6-year option. In the 5-year option, employee's must be at least age 57.  The retirement incentive payment for the 5-year option is 20% of Base salary (salary at end of service).  The early retirement agreement will last for 5- years or until full social security age, whichever comes first. In the 6-year option, employee's must be at least age 56.  The retirement incentive payment for the 6-year option is 16.67% % of base salary (salary at end of service).  The early retirement agreement will last for 6-years or until full social security age, whichever comes first. Early Retirees may continue to participate in USU's medical and dental insurances.  The medical insurance ends when a retiree becomes age 65 or at the end of the early retirement agreement, whichever comes first.  The early retiree may participate in USU’s dental insurance for the life of the early retirement agreement. The retiree will pay their applicable share of the medical and dental premiums. 

To be eligible for Phased Retirement, the employee must be at least 58 years old and have 5 years of continuous benefited service at USU.  The minimum FTE an employee may reduce to and continue to receive benefits is 50% FTE. Phased retirement employees will be entitled to benefits, for the duration of the agreement, at the same level attained prior to the effective date of the agreement. Annual and sick leave will be earned on a pro-rata basis according to the percent of time in the phased retirement agreement.

Participation in either the Early or Phased Retirement program is a privilege subject to department approval. For more information, please contact the HR Solutions Center: (435) 797-0122.

Regular Retirement

To retire from USU, write a letter of retirement to your department. Contact  your retirement company (TIAA, Fidelity or Utah Retirement Systems) and discuss the process they may need from you prior to your retirement. Please visit the Employee Exit Process Website.

 Retirement Checklist

Click here to downlaod

Retirement Benefits

Upon retirement all USU benefits do not end. Click here to learn more.

Retirement Beneficiary

If you would like information regarding your retirement beneficiary, you will need to contact that vendor directly by calling them or logging into their website.  Retirement customer service numbers and website links are listed above.

Emeritus Faculty

As retirees, emeritus faculty members are valued members of our campus community. USU offers continued benefits, support, and services to these faculty members. Click here to learn more.

Emeriti Association

Medicare

Confused about Medicare options? Contact OneExchange for a personalized assessment.
For more information, you may go to: www.medicare.oneexchange.com or call (866) 322-2824.